EV startup Lucid Motors has emerged as a shock winner within the chapter public sale for electrical trucking firm Nikola’s Arizona manufacturing unit and different belongings, in accordance a late Thursday courtroom filing.
Lucid dedicated round $30 million in money and non-cash concerns in alternate for the manufacturing unit, Nikola’s lease on its Phoenix headquarters, and “sure equipment, gear and stock,” in line with the submitting.
As a part of the deal, Lucid is planning to make gives to round 300 former Nikola staff, the corporate advised TechCrunch.
The sudden look of Lucid within the Nikola chapter proceedings is a shock for a number of causes.
For one, Nikola had been attempting to promote its entire enterprise because it filed for chapter safety in February. Lucid is concentrated on making passenger EVs, and has by no means handled hydrogen-powered electrical automobiles, which is an enormous piece of Nikola’s nascent enterprise.
Extra not too long ago, Nikola’s founder Trevor Milton — who was convicted of fraud in 2022 however was pardoned by President Trump in March — was evaluating a bid of his personal on the startup’s belongings. However Nikola acquired the courtroom to dam Milton from inspecting its manufacturing unit and different belongings in-person forward of the public sale, which was held on April 7.
Lucid has its personal manufacturing unit in close by Casa Grande, Arizona, and so it sees worth in buying extra warehousing house, testing gear, and staff, in line with the corporate.
Whereas Lucid was the highest bidder for these belongings on the public sale, the chapter choose is permitting objections to the sale to be filed till 12:00 p.m. ET on Friday, April 11. A listening to is scheduled for 1:30 p.m. ET.